FX.co ★ Gold 02.04.2020 - Breakout to the downside of multiply supports, big sell is coming soon and the level at $1.535 might be in the play

Technical analysis:

Gold has been trading downwards as I expected yesterday. The price tested the level of $1.566. The breakout of the mini upwards Pitchfork channel and the most recent breakout of support trendline were the key for downside pressure.

Watch for selling opportunities on the rallies using intraday frames 5/15/30 minutes and downward targets at the price of $1.545 and $1.535.

MACD oscillator is showing negative reading below the zero and the slow line is turned to the downside, which adds confirmation for further downside.

Major resistance is set at the price of $1.571 and intraday at $1.925

Support levels are seen at the price of $1.551, $1.545 and $1.535